Bern: Switzerland has announced the immediate freezing of any assets held within its borders by former Venezuelan President Nicolas Maduro and his associates. This move is part of a broader effort to prevent the outflow of potentially illicit assets, as outlined by the Swiss government on Monday.
According to Kuwait News Agency, the Swiss government clarified that this asset freeze does not impact current members of the Venezuelan government. The decision is described as a precautionary measure under the Federal Act on the Freezing and the Restitution of Illicit Assets Held by Foreign Politically Exposed Persons (FIAA). It is designed to ensure that any assets acquired through illicit means cannot be transferred out of Switzerland amid the ongoing situation.
The Swiss authorities emphasized their commitment to ensuring that any assets found to be illicitly acquired would benefit the Venezuelan people through future legal proceedings. This asset freeze is an addition to existing sanctions against Venezuela under the Embargo Act, which has been in effect since 2018, and includes previous asset freezes.
The new measures under the FIAA specifically target individuals who have not been previously sanctioned in Switzerland. The government statement clarified that the reasons behind Maduro's political downfall do not influence the asset freeze decision. The critical factor is the occurrence of his fall from power, which opens the possibility for Venezuela to initiate future legal proceedings regarding illicitly acquired assets.
This decision by Switzerland follows closely on the heels of a significant development involving US President Donald Trump, who announced Maduro's arrest in Caracas by US forces and his subsequent transfer to the United States. Switzerland described the situation as "volatile" and reiterated its calls for restraint and adherence to international law. The Swiss government reaffirmed its opposition to the use of force and stressed the importance of respecting the territorial integrity of nations, while also renewing its offer to mediate for a peaceful resolution to the Venezuelan crisis.
The asset freeze took effect immediately on Monday and will remain in place for four years, pending further notice.